#391: How to Adapt to The Current Market Conditions
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How to Adapt to The Current Market Conditions  Podcast: #391: How to Adapt to The Current Market Conditions In this video: 00:29 – A very interesting week 00:58 – Needed to adapt to the market price action 02:02 – Client make a +6.1% gain on XAU/USD H2 chart 02:27 – Just 1 Daily chart trade for the week 03:22 – Trading the shorter time frame charts this week 04:09 – The way we trade at TFTC 04:28 – Trading next week onwards 05:12 – Keep a look out for our Black Friday Sale As a forex trader, you need to be able to adapt to what is happening in the market at the current time. And I want to talk about that to help you in this week's video on podcast. So let's get into it right now. Hey, forex traders, it is Andrew Mitchem here at The Forex Trading Coach with video and podcast number 391. A very interesting week Now, this week we have had quite a lot happening. We've had the US elections. Right now, as I'm speaking, we still don't know the outcome, and by the time you get to watch this video, you may or may not know the outcome, but with that in mind, the market has been a little bit different to many other weeks. And then later tonight, my time, we have the monthly Nonfarm payroll, the US monthly employment results coming through. Needed to adapt to the market price action So, what does that mean? Well, it's meant that the market's been quite difficult to trade, but also it means that we've had to adapt to what the market is giving us. And what I mean by that is we've got to look at different currency pairs, different timeframe charts in order to basically give us the right setup that's happening at the time. Now, as you know, I talk about trading on monthly charts, weekly charts, daily charts, 12-hour charts, six-hour charts, all those kinds of longer timeframe charts. Now, this week, it's been completely different due to what the market is giving us. And as an example, online webinar that I held just last night with my clients, which was a fantastic webinar with many, many trading examples, we focused on one and two-hour charts predominantly with a few four-hour charts. And on the session, I took two two-hour chart trades, one on the Euro Australia and one on the Euro/New Zealand Dollar. And we took those live, and we explained the setups, et cetera, on that session. Client make a +6.1% gain on XAU/USD H2 chart Now, also on that session, we had a client who took a trade on gold and made us a massive 6.1% account gain on the two-hour chart on gold. And it just makes you realise that if you adapt to what the market is showing you, you can do very well in all conditions. Just 1 Daily chart trade for the week And as another example, this week, I've placed just one daily chart trade, just one the entire week. It was placed on Tuesday. It was an Australian Dollar-US Dollar trade on the daily chart. Go and have a look at your charts to see a bearish engulfing candle at the bottom of a downtrend, a double bottom off the bottom Bollinger Band. I believe we also had divergence. I think we all bounced off the 70 level, and we had a retracement all the trade that made a 2.5 to one reward the risk, and we had our market in order to make 1.6 to one reward the risk. It would take a quarter percent at each of those two. In other words, half percent risk on total, on the two trades, one trade, two positions. We just over 1% just on the one trade. So we have adapted because we just haven't really seen many daily charts, just the one. Trading the shorter time frame charts this week We've also adapted because we've been trading predominantly the shorter timeframe charts this week because that's what the market has been telling us t...
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